New nuclear plant loan guarantees would aid proposed Maryland reactor
BALTIMORE, Dec. 20 /PRNewswire-FirstCall/ -- The Bush administration,
U.S. House and Senate leaders have taken a vital step to bolster our
nation's energy security with passage of federal loan guarantee funding for
energy projects that avoid, reduce or sequester greenhouse gases, Mike
Wallace, executive vice president of Constellation Energy (NYSE: CEG), said
today.
"I applaud Energy Secretary Bodman and Congressional leaders for their
tenacity and vision in supporting a workable loan guarantee program that
represents an important milestone in our nation's nuclear renaissance and
commitment to energy independence," Wallace said of the Omnibus
Appropriations bill, which contains authorization for federal loan
guarantee funding under Title XVII of the Energy Policy Act of 2005. The
bill was approved this week by the Senate and House and sent to President
Bush; it allocates $18.5 billion in loan guarantees to build new nuclear
plants.
Wallace thanked all members of Congress but also singled out the
leadership of several members: Chairman Byron Dorgan, Ranking Member Pete
Domenici, Chairman Peter Visclosky, Ranking Member Dave Hobson, Chairman
John Dingell, Ranking Member Joe Barton, Chairman Jeff Bingaman, and House
Majority Leader Steny Hoyer.
"These leaders have done an excellent job shaping a workable loan
guarantee program that bridges the gap between the capital-intensive
requirements for advanced energy projects and the financing capabilities of
the U.S. electric sector," Wallace said.
He noted the program requires the Department of Energy (DOE) to provide
loan guarantees for up to 80 percent of the total cost of new nuclear plant
projects. UniStar Nuclear Energy, a strategic joint venture of
Constellation Energy and the EDF Group, is developing an approach to
deploying a fleet of standardized reactors in the United States, including
one at Constellation Energy's Calvert Cliffs site in southern Maryland.
Wallace, who also serves as chairman of UniStar, said UniStar will move
quickly to file an application for a loan guarantee once DOE has completed
a solicitation process.
The appropriations bill provides for $38.5 billion in loan guarantees,
with $18.5 billion for new nuclear construction, $2 billion for uranium
enrichment, $10 billion for renewable energy and energy efficiency, and $8
billion for clean coal technology.
Constellation Energy (http://www.constellation.com), a FORTUNE 125
company with 2006 revenues of $19.3 billion, is the nation's largest
competitive supplier of electricity to large commercial and industrial
customers and the nation's largest wholesale power seller. Constellation
Energy also manages fuels and energy services on behalf of energy intensive
industries and utilities. It owns a diversified fleet of 78 generating
units located throughout the United States, totaling approximately 8,700
megawatts of generating capacity. The company delivers electricity and
natural gas through the Baltimore Gas and Electric Company (BGE), its
regulated utility in Central Maryland.
SOURCE Constellation Energy
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Related links:
http://www.constellation.com
http://www.prnewswire.com/comp/084087.html /
CONTACT:
Media, Maureen Brown, +1-410-470-7433, or
Investor Relations, Kevin Hadlock, +1-410-470-3647, both of
Constellation Energy
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